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SCHULTZ v. COMMISSIONER

Docket No. 4947-66.

50 T.C. 688 (1968)

GEORGE L. SCHULTZ AND MARGARET F. SCHULTZ, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed July 31, 1968.

Attorney(s) appearing for the Case

Myles A. Cane and Lewis J. Hecker, for the petitioners.

Alan M. Stark, for the respondent.

TANNENWALD, Judge:

Respondent determined deficiencies in the joint Federal income taxes of petitioners in the amounts of $32,905.63 and $30,933.35 for the taxable years 1962 and 1963, respectively. After certain concessions by respondent, the following questions remain for our consideration: (1) Whether petitioners may take deductions in 1962 and 1963 for storage charges, insurance, and taxes in connection with the purchase and holding of bulk bourbon whisky...

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